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Sir John Templeton's Wisdom and Keeping an Open Mind

Sir John Templeton was one of the greatest investors ever. He was a pioneer of mutual funds and has donated millions through philanthropy and charity. As you read about Templeton, you learn one thing: he was deeply philosophical. As evidence of that he once wrote the following about the universe:

"In spite of the enormous strides made by science and the incredible power of our new instruments to reveal the secrets of the universe, large and small, we must accept in all humility that our knowledge is still limited. We cannot even be sure that the vast universe unveiled to us by our telescopes is all that exists. There may be other regions of the universe far beyond the reach of our instruments having very different properties. It is even possible that entire other universes co-exist in parallel with our own." - Sir John Templeton

The benefits to having an open mind like this are numerous. It means you are receptive to change and possibility. It means you lack stubbornness. Together, this is an essential trait for not only life but also financial market success. When markets swiftly change direction, for example, you need to be receptive. You need to act accordingly. He reiterates this to some degree in his book, Investing The Templeton Way: